Actis Private Equity
Contact details
Thank you for taking the time to read this summary of our approach and achievements. We would be delighted to speak with you in more detail on any aspect of this report, or simply to answer your questions. We look forward to hearing from you.
Regions
Sectors
Africa
South Asia
John van Wyk jvanwyk@act.is
JM Trivedi jtrivedi@act.is
Cairo +202 2792 9220 Johannesburg +27 11 778 5900 Lagos +234 1 448 5700 Nairobi +254 20 2219 952
Mumbai +91 22 6146 7900 Delhi –Operations +91 11 66157200
China Dong Zhong dzhong@act.is Beijing +86 10 6535 4800
Indonesia Ivy Santoso isantoso@act.is
Latin America Chu Kong ckong@act.is and Patrick Ledoux pledoux@act.is São Paulo +55 11 3844 6300
2 – Actis Private Equity: a synopsis
South East Asia Danny Koh dkoh@act.is Singapore +65 6416 6400
United Kingdom Paul Fletcher pfletcher@act.is London +44 20 7234 5000
Head of Private Equity Peter Schmid pschmid@act.is Head of Consumer Rick Phillips rphillips@act.is Head of Financial Services Mark Richards mrichards@act.is Head of Healthcare Arjun Oberoi aoberoi@act.is Head of Industrials Sachin Korantak skorantak@act.is
Actis in brief
We are a global investor committing capital exclusively in high growth markets Actis currently manages $5.2 billion We partner with quality management teams and businesses to serve the $30 trillion consumer market We bring deep and relevant understanding of industries and sectors globally Our in-house operational experts understand what business entrepreneurs need to succeed Our investment professionals live and work in high-growth markets We have 60 year legacy of investing responsibly into 70 countries In the last 10 years we have made 109 investments, exited 28 companies and made 2.9 TMB and 30% IRR
Front cover image: 7 Days Inn Group, China
Actis Private Equity: a synopsis – 3
4 – Actis London, United Private Kingdom Equity:
a synopsis
A unique firm with a distinctive heritage Actis launched its first fund in 2004 building on a 60 year legacy. We invest in private equity, energy and real estate opportunities in Asia, Africa and Latin America. In 2004, Actis had one investor and $1 billion assets under management, today we have 142 investors and $5 billion assets under management. 120 investment professionals work across 25 countries, actively managing investments in 65 companies in partnership with owners, co-investors and management. Actis is known for its bold, innovative deals, and operational excellence, setting the highest standards and strong returns. Our heritage enables the Actis team to anticipate and respond to trends and events, drawing on an unrivalled depth of experience. Revolutions, currency depreciation, civil war, inflation, bubbles and downturns – we have partnered with businesses through all this and more.
Actis Private Equity: a synopsis – 5
6 – Actis Private Equity: a synopsis
Our approach
Our investment strategy responds to two macro-trends; the demands of a fast growing domestic consumer class and the urgent need for infrastructure. We focus on:
Building market leaders
Mid-market growth businesses with limited leverage. We typically invest $50–$250 million backing talented managers to buy out businesses or as expansion capital.
Sector focus
Our investment professionals specialise by industry.
Operational improvements and value creation
Our in-house consultants bring professional expertise to running portfolio companies with management.
Positions of influence
We take significant minority or majority share holdings.
Buy-and-builds
We respond to two macro-trends; the demands of a fast growing domestic consumer class and the urgent need for infrastructure
We build proprietary platforms to mitigate high prices.
Family businesses
We partner with family companies to professionalise management and raise performance.
Responsible investment
We enhance exit valuations and mitigate risk by applying the highest Environmental, Social and Governance standards.
The positive power of capital
We invest responsibly and sustainably, adding financial and social value to our investments.
Universidade Cruzeiro do Sul, Brazil
Actis Private Equity: a synopsis – 7
8 – Actis MSCC and Actis Private leadership Equity:
a synopsis
Working with your business
We partner with you to grow your business We know your market and its global context We specialise by industry
Our sector and operational expertise Every Actis professional specialises in investments within a specific sector:
Our investment professionals are supported by the following teams:
Consumer
Value Creation
Discretionary spend in casual dining, retail, home and personal care. Educational services be it after school coaching, lifelong learning, e-learning or private universities are attractive sub-sectors.
Financial services
Backing high street banks, consumer credit, financial services distribution, payments and specialist process outsourcing.
Healthcare
Clinics, hospitals, pharma, medical devices, research and services.
Industrials
Power and construction equipment, automotive manufacturing, construction materials and other services to the industrials sector.
Operational experts work alongside the investment team to identify areas of potential improvement in each investment for example, accelerating sales growth, margin improvement, increasing efficiency and at times making and integrating acquisitions.
Banking
In-house experts secure the best terms for all aspects of debt raising and restructuring, coordinating banking relationships globally and executing IPO, M&A and coinvestment processes. The sector based approach enables us to trace themes across regions. Building a group of higher education colleges in China gives us insight when we invest in a similar business in Brazil. A casual dining chain in Beijing has similarities with the same type of business in Lagos. We anticipate changing political, commercial and social circumstances by specialising by industry, being present on the ground, and working as a single team with a global value creation group and investment committee.
Actis Private Equity: a synopsis – 9
10 – Actis Mother and Son, Private Sa˜o Paulo, Equity: Brazil a synopsis
Investing responsibly
Experience has taught us that well run, responsible businesses rightly command a premium on exit. Since Actis opened for business in 2004 we have applied the highest standards of health, safety, environmental practices, business integrity and good corporate governance. Actis has a dedicated inhouse team advising portfolio companies and their management teams. Reaching these high standards (or showing a willingness to work with us to meet them) is a condition of investment. We take our cue from the United Nations’ Principles for Responsible Investment. We have also adopted the World Bank and IFC standards. This approach: • Uncovers ways to save money and become more efficient • Minimises environmental impact • Reduces the risk of litigation • Builds lasting businesses • Contributes to a safer workplace • Improves employee well-being and productivity
Deal team:
Mark Goldsmith, Director, ESG
Ritu Kumar, Director, Senior Advisor, ESG
Actis Private Equity: a synopsis – 11
Actis at a glance
We have investment professionals living and working in the following countries
London
Cairo
Mumbai
Lagos Nairobi
10
SĂŁo Paulo Johannesburg
offices
25
countries
$5.2bn 116
*
funds under management
private equity deals in emerging markets
*As at Sept 2012
12 – Actis Private Equity: a synopsis
60+
years of on-the-ground experience
161
Limited partners
Beijing
Delhi
115
investment professionals
Singapore Jakarta
“Actis has been instrumental in expanding our horizons beyond Brazil to India, which has been extremely valuable.” Guilherme Benchimol, Founder and CEO of XP Investimentos
Actis Private Equity: a synopsis – 13
Current private equity portfolio This shows Actis private equity portfolio companies, at 31 January 2013. Individual Investment Managers are supported by the relevant sector team, the Responsible Investment team, the Value Creation Group, the Legal team and the Communications team.
Sector
Region
Investment company
Consumer
China
7 Days Inn Group
China
Ambow
China
Bellagio
China
China Post-Secondary Education
Latin America
CNA
Latin America
CSD
China
EIC
Latin America
Gtex
South Asia
Nilgiri’s
South Asia
Super-Max
Africa
Tracker
Latin America
Universidade Cruzeiro do Sul Educacional
Africa
Vlisco Group
South Asia
AGS
Africa
Alexander Forbes
Africa
CIB
Africa
DFCU
Africa
Diamond Bank
Africa
EMPH
South Asia
IDFC
South Asia
Integreon
South Asia
National Stock Exchange of India
Latin America
XP Investimentos
South Asia
Anthelio Healthcare
South Asia
Asiri Group
China
Nanjing Micro-tech
South Asia
Sterling Add-Life
South Asia
Veeda
Africa
Actom
South Asia
AVTEC
South Asia
Dalmia Cement
South Asia
Endurance
South Asia
Halonix
South East Asia
KS Distribution
South Asia
LMKR
Africa
Mouka
Africa
RTT Group
Africa
Sinai Marble
South East Asia
Teknicast
South Asia
TEMA
China
Vesta
Financial Services
Healthcare
Industrials
14 – Actis Private Equity: a synopsis
Key • Africa • China • Latin America • South Asia • South East Asia
Description
Location
Deal type
Investment date
Budget hotel chain
China
Expansion
Oct 2008
Personalised education and training
China
Expansion
Sep 2008
Casual dining chain
China
Replacement
Mar 2012
Education service provider
China
Expansion
Jan 2010
English language training services
Brazil
Expansion
Sep 2012
Supermarket/retail chain
Brazil
Expansion
Sep 2010
Education service provider
China
Replacement
Aug 2011
Cleaning products
Brazil
Expansion
Oct 2010
Convenience stores
India
Buy-in
Oct 2006
Manufacturer and marketer of shaving blades and toiletries
India
Replacement
Feb 2011
Stolen vehicle tracking and recovery
South Africa
Replacement
Oct 2011
Education service provider
Brazil
Expansion
Feb 2012
Fashion fabrics
Sub-Saharan Africa
Buy-in
Sep 2010
ATMs and retail automation solutions
India
Expansion
Aug 2012
Diversified financial services
South Africa
Buy-out
Jul 2007
Bank
Egypt
Replacement
Jul 2009
Bank
Uganda
Replacement
Jan 2003
Bank
Nigeria
Expansion
Apr 2007
Payments processing
Africa & Middle East
Buy-out
Infrastructure finance
India
Expansion
Professional services outsourcing
India
Expansion
Feb 2010
Stock exchange
India
Expansion
Apr 2007
Retail broker dealer
Brazil
Expansion
Nov 2010
Hospital operations outsourcing
India
Expansion
Oct 2010
Multi-specialty tertiary care hospital chain
Sri Lanka
Expansion
Aug 2012
Medical equipment
China
Expansion
Sep 2012
Hospital owner and operator
India
Expansion
Jun 2006
Clinical research organisation
India
Expansion
Feb 2007
Manufacturer and distributor for electrical engineering industry
South Africa
Buy-out
Aug 2008
Engine and transmission manufacturer
India
Replacement
Jun 2005
Cement plant
India
Expansion
Mar 2006
Auto components manufacturer
India
Replacement
Dec 2011
Bulb and lamp manufacturer
India
Buy-in
Oil and gas
South East Asia
Replacement
Information management services for oil and gas industry
Pakistan
Expansion
Oct 2007
Foam products manufacturer
Nigeria
Replacement
Jun 2007
Supply chain and logistics services
South Africa
Buy-out
Commercial marble exporter
Egypt
Expansion
May 2007
Aluminium die casting
Malaysia
Buy-out
Aug 2008
Manufacturer of heat exchangers
India
Expansion
Apr 2005
Catering equipment and manufacturing
China
Buy-in
Jul 2010 Aug 2010
Jun 2006 May 2010
Jun 2007
Actis Private Equity: a synopsis – 15
16 – products Paras Actis Private
Equity: a synopsis
Paras
Consumer
Paras is a health and personal care company in India. Its products and marketing campaigns chime with the needs of India’s growing middle class. Actis first invested in Paras in 2006 for a minority position. Paras had attractive attributes at the time of investment – a strong portfolio of brands, a presence in growing sub-sectors such as male grooming and haircare, and a track record of building differentiated brands, often in stagnant categories. In 2007, we made an additional investment and in 2008, a further investment in the company, gaining management control. The scale of Paras’s achievement was reflected in the highly competitive auction process which kicked off in 2010 – this included bids from several large global MNCs.
Actis has worked with Paras to: • Professionalise senior Management Institutionalise and transform a family-owned and national company to a thriving business of international standing • Improve sales and distribution • Rationalise the product range and repositioning the company’s branding strategy • Introduce South-South trade • Expand margins from 22% to c.29% and grow EBITDA at 24% CAGR from FY06 to FY11 • Improve ESG processes
Date of investment: August 2006 Deal type: Replacement Capital Country: India Shareholding: 63% Actis investment: US$121m
Exit: 2011
“We have been on a rewarding journey with Actis, the quality of our partnership has been the key reason for the company’s recent success.”
In April 2011, Actis sold Paras to UK based FTSE 100 firm, Reckitt Benckiser for US$726m.
Girish Patel, CEO and Founder of Paras
Deal team:
Arjun Oberoi Rick Phillips Partner, Head of Consumer Director, Head, Healthcare
Homer Paneri Director, Business Services
JM Trivedi Partner, Head, South Asia
Shomik Mukherjee Partner, Value Creation
Actis Private Equity: a synopsis – 17
18Investimentos, XP – Actis Private BrazilEquity:
a synopsis
XP Investimentos Financial services
As more and more Brazilians build their personal wealth, they are keen to understand money matters and construct their own investment portfolios. XP Investimentos, Brazil’s largest independent brokerage firm is a pioneer in providing individuals with access to financial education. XP has trained more than 500,000 people in topics ranging from personal finance to portfolio management.
Actis has worked with XP to:
XP began operations in 2001. It now has US$3.5 billion in assets under administration, over 100,000 customers serviced by 1,500 exclusive advisors based in 450 branches in more than 140 cities across Brazil.
• Support acquisition of 5 targets to consolidate the brokerage industry and develop B2C online capabilities
In December 2012, Actis announced the partial realisation of XP, selling close to half its original stake to private equity firm, General Atlantic.
• Shift business to a broad based wealth management platform, allowing the company to:
− I nvest in improved technology and new product development
− E xpand its branch network
− F und the acquisition of other retail brokers
• Acquire customers through its education franchise and provide more courses
Date of investment: November 2010 Deal type: Expansion Country: Brazil Shareholding: 10% Actis investment: US$59m
• Launch its retail mutual fund sales platform • Develop XP’s long term strategy, focusing on growth of the B2B channel and customer loyalty • Strengthen the corporate governance, creating a Board of Directors and introducing Mark Collier, a former senior executive of Charles Schwab, as independent non-executive director • Conclude a partial exit to General Atlantic
With Actis’s backing XP has more than doubled in value since 2010, diversified into new product lines, and made five acquisitions; client numbers have increased twofold to over 100,000 active customers.
Deal team:
Mark Richards Partner, Head, Financial Services
Nick Luckock Partner, Financial Services
Denis Pedreira Director, Business Services
Patrick Ledoux Partner, Co-Head, Latin America
Chu Kong Partner, Co-Head, Latin America
Nelson Bechara Director, Value Creation
Actis Private Equity: a synopsis – 19
20 – catering Vesta Actis Private equipment, Equity: Chinaa
synopsis
Vesta
Industrials
Vesta Catering Equipment is a manufacturer of commercial kitchen equipment in China. It is a fast growing industry underpinned by the rising trend for dining out in China and a growing appetite for Western-style cuisine, especially amongst younger customers. Founded in 1993, Vesta is well established as the leading manufacturer in China and is over three times bigger than its next competitor, with c. 8% domestic market share and c. 13% exports market share. Vesta’s flagship brand, Justa, was established in 2000 and has grown to become one of the most influential equipment brands in China.
Actis has worked with Vesta to: • Professionalise this family run business to a modern enterprise • Establish a formal board of directors; retaining three seats on the board; and bringing in an independent director to lead in customer acquisitions • Steer business strategy to reduce its reliance on developed markets and drive domestic sales more aggressively
Date of investment: May 2011
• Improve workplace safety and workers accommodation
Country: China
Actis sold Vesta to ITW International in July 2013
Actis invested in Vesta in May 2011 after identifying it as a successful first mover in the Chinese catering equipment market. Vesta is already recognised as a leader in Westernstyle equipment, now Actis is working with the management team to better capture opportunities within the vast Chinese catering market, extending product lines and building out a strong domestic distribution channel.
Deal type: MBI
Shareholding: 70% Actis investment: US$48m
Vesta is over three times bigger than its next competitor.
Deal team:
Dong Zhong Partner, Head, China
Jason Zhang Director, Healthcare
Rick Phillips Partner, Head, Consumer
Angus Or Director, Value Creation
Actis Private Equity: a synopsis – 21
22 – Actis Actom manufacturing Private Equity: plant, South a synopsis Africa
Actom Industrials
For more than 100 years, Actom (formerly Alstom) has led the way as South Africa’s major electrical engineering, manufacturing, distribution and contracting company. The business runs 43 production facilities, owns 22 operating units and has 36 distribution centres. It employs more than 7,500 people in South Africa, all working to ensure that supply meets the country’s energy needs. Actis invested in Actom as the government embarked on a significant infrastructure programme to increase South Africa’s electricity generation and distribution capacity to meet the country’s growing domestic consumption.
Actis has worked with Actom to: • Drive new opportunities in renewable energy developments, independent power producers and the rail sector. • Pursue strategic acquisitions • Expand its network of technical suppliers • Secure a growing number of contracts and additional tenders • Improve operational efficiencies, working capital management and cash flow • Ensure compliance with international environmental and safety standards
Date of investment: August 2008 Deal type: MBO Country: South Africa Shareholding: 34.3% Actis investment: US$176m
• Extend its footprint across Africa and explore potential relationships with companies in India and other emerging markets
Actis aims to extend its footprint across Africa, helping the continent fulfil its potential. Deal team:
John van Wyk, Partner, Head, Africa
Jonathan Matthews Director, Industrials
James Smith Director, Value Creation
Ngetha Waithaka Investment Principal
Actis Private Equity: a synopsis – 23
24 – Actis Sterling doctor, Private Gujarat, Equity: India
a synopsis
Sterling Add Life Healthcare
Sterling Add-Life is a c.1150 capacity 7-hospital chain in Gujarat. It is the dominant player in the region and has presence across Ahmedabad, Baroda, Rajkot, Bhavnagar, Adipur, Mundra and Mehsana. Sterling provides quaternary care services across over 30 specialties and is considered to be the hospital of last resort for complex cases in the region. Actis recognised the opportunity in the underserved healthcare services market in India and invested in Sterling.
Actis has worked with Sterling to: • Hire a professional management team, including the CEO, CFO and COO, and institute an ESOP programme • Carry out a detailed budgeting exercise to chart growth towards exit and identify areas for pruning cost structure • Engage with consultants to make operational improvements • Create a blueprint to grow from its c.175 bed capacity in 2006 to the present c.1150 • Expand to new areas • Diversify revenue base by increasing specialties offered, including high end procedures like liver, renal and bone marrow transplants
Date of investment: 2006 Deal type: Buyout Country: India Shareholding: 77% Actis investment: US$46m
• Maintain the highest standards of healthcare. Ahmedabad and Baroda hospitals are both accredited by the National Accreditation Board for Hospitals (NABH); accreditation for the newer sites is underway
Recognised as one of India’s top regional healthcare companies, patients from Rajasthan, Madhya Pradesh and Maharashtra travel to Gujarat to access Sterling’s facilities.
JM Trivedi Partner, Head, South Asia
Jaideep Wadha Director, Value Creation
Deal team:
Arjun Oberoi Director, Head, Healthcare
Ritu Kumar Director, Senior Advisor, ESG
Shomik Mukherjee Partner, Value Creation
Actis Private Equity: a synopsis – 25
26 – Actis Vlisco model, Private West Africa Equity:
a synopsis
Vlisco Group Consumer
Vlisco Group is a 164-year old iconic premium fabric business with a portfolio of brands in Africa. It is well known as the industry gold standard for its outer wax quality products and original designs. Vlisco Group designs, manufactures and distributes 51 million yards of branded fabric a year primarily for the West and Central African markets. Vlisco Group employs over 2,100 people. Vlisco Group has operations in Holland and serves the African consumer. We knew we could help Vlisco Group make the bridge between developed and developing markets. When we took over Vlisco Group, Hans Ouwendijk, formerly of Mexx and Laura Ashley, joined as CEO.
Actis has worked with Vlisco Group to: • Double the size of the business over three years and shift it from a production focused organisation to one with a developed sales and marketing culture that manages all of its brands together • Grow into new Africa markets • Expand the Dutch manufacturing capacity
Date of investment: September 2010 Deal type: MBI
• Reposition the domestic brands
Country: West Africa
• Keep a tighter focus on raw material purchasing and inventory management
Shareholding: 98% Actis investment: US$88m
Vlisco Group designs, manufactures and distributes 51 million yards of branded fabric a year
Deal team:
Rick Phillips Partner, Head. Consumer
David Cooke Director, Consumer
Murray Grant Partner, Africa
Yann Pambou Investment Principal
Fash Sawyerr Director, Value Creation
Actis Private Equity: a synopsis – 27
28 – Actis Xiabu Xiabu, China Private
Equity: a synopsis
Xiabu Xiabu Consumer
Xiabu Xiabu is China’s most popular hotpot restaurant chain, founded in 1998. Xiabu pioneered the individual, bar-style hotpot format and has grown rapidly in three years to become the largest hotpot quick service restaurant chain in Beijing. Most Xiabu restaurants are located in office blocks and shopping malls, and attract crowds of white-collar diners looking for affordable, fresh, hygienic and healthy food. Hotpot is among the fastest growing segments of the Chinese restaurant industry. The catering market in China was estimated at US$134 billion in 2006, having grown at 18.8% CAGR over 20012006, outpacing retail growth of 15.2% CAGR over the same period.
Actis worked with Xiabu Xiabu to: • Increase revenues: 2008 to 2011, from US$32.3m to US$166.8m, a 3-yr CAGR of 74% • Strengthen management: we hired an experienced Operations Director in 2009, with more than ten years of experience working for McDonalds, to enhance store operations and staff training • Make operational improvements • Roll out 204 new stores, with plans to open another 100
Date of investment: July 2008 Deal type: MBO Country: China
• Expand into Shanghai
Actis investment: US$51m
• Build a central kitchen and logistics centre in Beijing to serve up to 300 restaurants in the area.
Exit: 2012
• Introduce a Quality Assurance Director • Improve energy efficiency and food wastage
At the time of investment, Xiabu Xiabu had 60 restaurants in Beijing and Tianjin. On exit, Xiabu Xiabu was the largest individual bar-style hotpot chain in China with more than 300 restaurants nationally. Deal team:
Meng Ann Lim Rick Phillips Partner, Head of Consumer Partner, Head, SE Asia
Dong Zhong Partner, Head, China
Angus Or Director, Value Creation
Actis Private Equity: a synopsis – 29
Our people
Our senior private equity team
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Chief Investment Officer Alistair Mackintosh Head of Private Equity Peter Schmid Head of Africa John van Wyk Head of China Dong Zhong Co-head of Latin America Chu Kong Co-head of Latin America Patrick Ledoux Head of South Asia JM Trivedi Head of South East Asia Danny Koh Head of Consumer Rick Phillips Head of Financial Services Mark Richards Head of Healthcare Arjun Oberoi Head of Industrials Sachin Korantak COO & Head of Banking Chris Coles Head of Value Creation Group Joe Sinyor Head of Responsible Investment Mark Goldsmith
30 – Actis Private Equity: a synopsis
From top left - right
Consumer
Financial services
Healthcare
1. Rick Phillips, Partner 2. Natalie Kolbe, Partner 3. Dong Zhong, Partner 4. David Cooke, Director 5. Sherif Elkholy, Director 6. Max Lin, Director 7. Ivy Santoso, Director 8. Prabir Talati, Director
9. Mark Richards, Partner 10. Nick Luckock, Partner 11. Hossam Abou Moussa, Director 12. Danny Koh, Director 13. Denis Pedreira, Director 14. Gautham Radhakrishnan, Director 15. Mark Ransford, Director 16. Michael Turner, Director
17. Arjun Oberoi, Director 18. Ngozi Edozien, Director 19. Homer Paneri, Director 20. Jason Zhang, Director
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From top left - right
Industrials
Investment Committee
Banking
21. Sachin Korantak, Director 22. Mahesh Chhabria, Partner 23. Murray Grant, Partner 24. G Rathinam, Partner 25. Jonathan Matthews, Director 26. John Opubor, Director 27. Asanka Rodrigo, Director
28. Torbjorn Caesar*, Partner Mahesh Chhabria, Partner (see 22) 29. Chris Coles*, Partner 30. Paul Fletcher*, Partner Murray Grant, Partner (see 23) 31. Meng Ann Lim, Partner 32. Alistair Mackintosh*, Partner 33. David Morley*, Partner 34. Shomik Mukherjee, Partner Rick Phillips, Partner (see 1) G Rathinam, Partner (see 24) 35. Peter Schmid*, Partner 36. Michael Till, Partner 37. JM Trivedi, Partner 38. John van Wyk, Partner Dong Zhong, Partner (see 3)
Chris Coles, Partner (see 29) 39. Ramon Walsh, Director
Responsible Investment Team 40. Mark Goldsmith, Director 41. Ritu Kumar, Director
Value Creation Shomik Mukherjee, Partner (see 34) 42. Joe Sinyor, Partner 43. Nelson Bechara, Director 44. Vincent Low, Director 45. Angus Or, Director 46. Fash Sawyerr, Director 47. James Smith, Director 48. Jaideep Wadhwa, Director
* Executive Committee members
Actis Private Equity: a synopsis – 31
The positive power of capital
Private equity in emerging markets is about building businesses, services and knowledge. There is little to strip, and even less to flip. The opportunity to bring capital, corporate governance, management advice and operational improvements to strong local businesses lays the foundation for sustainable growth. In our mind, by investing with integrity, it is possible to be part of building not just a business, or, a sector but a nation. It is this level of ambition that informs our belief in the positive power of capital and our confidence that private equity, done well, can be a constructive, creative force in society.
Our work in Africa, Asia and Latin America brings financial and social benefits to our investee companies, investors and broader civic society. We call this ethos the positive power of capital. Actis LLP is a Limited Liability Partnership registered in England and Wales (registered number OC305927). A list of the members of Actis LLP is open to inspection at its registered office, 2 More London Riverside, London SE1 2JT, England. Actis LLP is regulated by the Financial Conduct Authority. Copyright Š2013 Actis LLP. All rights reserved. Reproduction without permission is prohibited. Trademarks and logos are copyrights of their respective owners.